Cadeler, a leading wind turbine and foundation installation contractor in the offshore wind market, has successfully completed a private placement with proceeds of 86 million EUR with the intent to add a new state-of-the art newbuild vessel to its fleet. The addition of the new vessel will enable Cadeler to target the evolving segment of foundation installations and enhances the capability to offer a complete set of services within transport and installation of wind farms.
Cadeler has successfully completed a private placement of 26,175,532 shares at a price of 32.32 NOK per share for gross proceeds of 846 million NOK (86 million EUR). The net proceeds will be used to finance the down payment on a newbuild foundation installation vessel, the so-called F-class vessel, with an estimated cost of 343-347 million USD, which is expected to be delivered in Q4/2025. Cadeler also aims to secure an option for a second F-class newbuild.
Mikkel Gleerup, CEO of Cadeler says: “Working closely with our partners in the industry, we see excellent deployment prospects for an F-class newbuild due to strong demand for foundation installation in the rapidly evolving offshore market. Cadeler has a strong track record having installed more than 500 foundations since 2013 and investing in a foundation installation vessel is a logical step for our business development.”
The F-class – a hybrid vessel
In 2021, Cadeler announced the contracting of two X-class vessels to be delivered in Q3/2024 and Q1/2025. The new F-class will be built on similar specifications to the two X-class vessels. However, the F-class will feature a unique hybrid design, allowing the vessel to convert from being a foundation installation unit to a wind turbine generator (WTG) installation vessel within a short period of time.
“The new F-class hybrid vessel provides us with a unique competitive advantage. The vessel will increase operational efficiency significantly, and we will be able to serve our customers with foundation installation services,” says Mikkel Gleerup adding: “Flexibility, efficiency, and economies of scale are key to success for our clients. We are pleased that our portfolio is being shaped to deliver these requirements”.
In line with the X-class vessels, the F-class will cater for some of the largest dimensions in the offshore wind industry. The F-class will be able to transport up to six XL monopiles (weight 2,300-2,600mt each) per round-trip which improves operational efficiency substantially.
The oversubscribed private placement attracted strong interest from Nordic and international institutional investors according to Mikkel Gleerup, who concludes: “We are very excited to have secured funding that will enable us to execute our strategic priorities, enhance our market offering and support business growth”.
Cadeler F-Class and X-Class facts:
|Main crane capacity||Bigger than X-class||2,600 t @ 46 m|
|Hook height above deck||Over 200 m||Over 200 m|
|Variable Load||> 17,600 t||> 17,600 t|
|Deck space||5,600 m2||5,600 m2|
|Accommodation||130 persons||130 persons|